BUY TO CLOSE 14 March SPY 141 CALL @0.21
SELL TO CLOSE 14 March SPY 143 CALL @0.03
The initial trade had been entered for a CREDIT OF 0.23. Closing the spread for 0.18 debit results in a profit of 0.05. In 14 contracts per leg = 14 * 0.05 * 100 = $70. See order execution below.
(Click on image to enlarge)
With the markets in rally mode yesterday, SPY is threatening the 141 level by Friday. I don't want to risk losing the trade. This trade was almost in full profit a few days back, I was probably greedy and wanted to let it all expire for full profit and saves in commissions. Unfortunately, the market keeps rallying dangerously.
Only one trade remains open in the April Portfolio, the 88/90 Credit Call Spread on IWM, which is very likely to expire worthless on Friday for full profit of $350.
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